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Foreign Affairs Minister Sameh Shoukry is looking to set a meeting with Ethiopia’s Workneh Gebeyehu and Sudan’s Ibrahim Ghandour ahead of the African Summit at the end of the month, the Foreign Ministry said in a statement. Shoukry wants to discuss the technical assessments of the Grand Ethiopian Renaissance Dam ahead of the summit.
Author Archives: enterpriseam admin
Posted inDiplomacy + Foreign Trade
Jordan invites President Abdel Fattah El Sisi to attend Arab Summit in March
El Sisi to attend Arab Summit in March: Jordanian Deputy Prime Minister and FM Nasser Judeh extended a formal invitation from Jordanian King Abdullah to President Abdel Fattah El Sisi to attend the 28th Arab Summit in March, Al Masry Al Youm reported.
Posted inEnergy
Merlon allocates USD 54 mn in investments to Fayoum concession in FY 2017-18
Oil and Gas producer Merlon International is allocating USD 54 mn towards its development and production operations in its El Fayum concession in FY2017-18, Al Mal reported. Merlon’s JV PetroSilah will end FY2016-17 having invested around USD 64 mn, below the budgeted amount of USD 88 mn, sources at EGPC said. Currently, all of Merlon’s […]
Posted inManufacturing
LG Egypt exported USD 130 mn worth of goods in 2016
LG Egypt exported USD 130 mn worth of goods in 2016 and is studying new solutions to bring the washing machine and air conditioning production lines into operation this year following the EGP float, an unnamed company official told Al Borsa. Exports were down from USD 150 mn when the Tenth of Ramadan factory first […]
Posted inManufacturing
Bailout fund for financially distressed factories to begin work by March
A Trade Ministry fund, managed by Union Capital and BPE Partners, meant to provide assistance to factories in financial distress will not begin its work before March, Al Borsa reported. According to an Administrative Control Authority survey, only 170 factories of 1,600 factories tallied are expected to bounce back from their financial troubles if bailed […]
Posted inHealth + Education
Health Ministry refuses to define “chronic diseases”
The Health Ministry will not respond to pharma manufacturers’ calls to define what chronic diseases are, Al Mal said. It is “a nonsensical request,” the ministry said, as this should be the companies’ basic knowledge, according to Al Mal. Pharma producers haveasked the government to define for them what it believes to be a treatment […]
Posted inReal Estate + Housing
Palm Hills buys 190 feddan plot in Sixth of October
Palm Hills Developments bought a 190 feddan plot in Sixth of October for EGP 2,440 per sqm, according to a bourse statement. 15% of the cost is payable to the Housing Ministry this month and the remainder is payable over seven equal annual installments after a three-year grace period. “The land plot is strategically located […]
Posted inTourism
JWT to launch promotional Egypt tourism campaign in Russia one week after flights resume
JWT launch a campaign targeting Russian holidaymakers one week after flights between the Egypt and Russia officially resume, Al Borsa reports. JWT had suspended its promotional efforts in Russia after air travel between Cairo and Moscow was interrupted in October 2015 for security reasons. JWT had won a three-year, government-issued tender to promote travel to […]
Posted inTelecoms + ICT
VIWA signs contracts in February to establish smartphone assembly factory
Chinese smartphone manufacturers VIWA are looking to sign final contracts in February to establish a smartphone assembly plant at an undisclosed location, head of the VIWA brand at commercial agent Al Safy Export Import Fathy Antar told Al Mal. The plant will also assemble feature phones, he added. VIWA currently has a 7% market share […]
Posted inAutomotive + Transportation
Maritime shipping law executive regulations are bad for business -chambers of shipping
Egypt’s chambers of shipping say the executive regulations of maritime shipping law number 800/2016 is bad for business, Al Masry Al Youm reported. The Alexandria Chamber of Shipping (ACS) points specifically to article 41, which allows the state to confiscate all construction built on ports by shipping companies after seven years, a move akin to […]